Croatian state-owned power utility Hrvatska Elektroprivreda (HEP) said on Thursday its consolidated net profit jumped 93.8% to 2.52 billion kuna ($372 million/332.9 million euro) in 2014.
Total consolidated revenues fell 7.5% to 13.6 billion kuna last year while total consolidated costs dropped 15.4% to 10.4 billion kuna, HEP said in a financial statement.
Earlier this month, HEP hired Morgan Stanley, Sberbank and the local unit of Italian lender UniCredit as advisers on plans for an initial public offering.
Croatia's economy ministry has told SeeNews that the government will consider an option for an IPO of up to 25% of HEP, subject to market conditions.
The proceeds from the IPO would be used to strengthen HEP's position on the local as well as on foreign markets, especially in the region.
HEP group owns and operates over 4,000 megawatts (MW) of installed generation capacity and 974 MW of heat production capacity, including 25 hydroelectric plants and eight thermal power plants fired by oil, natural gas or coal.